Designing Buildings: Created page with "A completion statement iis a detailed financial document that outlines all the costs, payments, and financial adjustments associated with a construction project upon its completi..."

2024-07-11T16:07:20Z

Created page with "A completion statement iis a detailed financial document that outlines all the costs, payments, and financial adjustments associated with a construction project upon its completi..."

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A completion statement iis a detailed financial document that outlines all the costs, payments, and financial adjustments associated with a construction project upon its completion. It serves as the final accounting document for the project, summarising all financial transactions and ensuring that all parties are aware of the final financial status. It helps reconcile payments between the contractor, subcontractors, suppliers, and the client, ensuring that all invoices have been paid and any outstanding balances are settled.

It is typically prepared by the contractor or the project manager in coordination with the financial and accounting teams. It is then Reviewed and approved by the client and other relevant stakeholders to ensure accuracy and completeness and distributed to all relevant parties, including the client, contractor, subcontractors, and suppliers.

It might include:

* Detailed listing of all costs incurred during the project, including materials, labour, subcontractor fees, equipment, and other expenses.
* Documentation of all payments made to date, including progress payments, advance payments, and any other disbursements.
* Identification of any outstanding payments that are still due to contractors, subcontractors, or suppliers.
* Information on any retentions held by the client as security for the performance of the work and when these retentions will be released.
* Records of any variations or changes to the original contract and their financial impact, including approved change orders and any cost adjustments.
* Calculation of the final payment amount due to the contractor, including any adjustments for variations, retentions, and outstanding balances.
* Details on the use of any contingency funds allocated for unexpected costs and their reconciliation.
* Documentation of any resolved or pending disputes related to financial matters.

This provides transparency and clarity on the financial aspects of the project, ensuring that all parties have a clear understanding of the final costs and payments. It facilitates the formal closure of the project by ensuring that all financial matters are settled and ensures compliance with contractual and legal obligations by providing a detailed record of all financial transactions.It can also assist in financial planning and auditing for both the client and the contractor, providing a comprehensive overview of the project's financial performance.

See also: Final account.

= Related articles on Designing Buildings =

* Accounting.
* Contract sum.
* Contract sum analysis.
* Cost consultant.
* Cost plans.
* Cost reporting.
* Cost value reconciliation.
* Final account.
* Final certificate.
* Fluctuations.
* Outturn cost.
* Pre-tender estimate.
* Tender pricing document.

[[Category:DCN_Commentary]] [[Category:DCN_Definition]] [[Category:Definitions]] [[Category:Contracts_/_payment]] [[Category:Cost_/_business_planning]]

Completion statement - Revision history

Designing Buildings: Created page with "A completion statement iis a detailed financial document that outlines all the costs, payments, and financial adjustments associated with a construction project upon its completi..."